Stock Picks Today: LTIMindtree, PNB, Hind Zinc And More On Brokerages' Radar

A clutch of global and domestic brokerages has rolled out fresh views on Punjab National Bank, LTIMindtree, Havells India, Hindustan Zinc and Bharat Heavy Electricals following their latest quarterly earnings, ahead of the upcoming session.

Brokerages have also shared broader views across banking and NBFCs, IT services, consumer durables, metals and capital goods, alongside commentary on earnings momentum, margin trends, balance-sheet strength, execution visibility and near-term market sentiment.

Punjab National Bank (PNB)

Citi on PNB
Maintain Sell; Hike TP to Rs 115 from Rs 108.
NIM contracted 7 bps QoQ; FY26 NIM guidance trimmed.
Slippages contained below 0.7%; floating provisions created towards ECL.
Management confident of 1% FY26 RoA, aided by recoveries, modest credit cost and flat NIMs.

Kotak Securities on PNB
Maintain Add; Hike TP to Rs 140 from Rs 125.
Margins saw a blip, but overall profitability remains steady.
Earnings growth and RoE are healthy despite ~10 bps QoQ NIM decline.
Slippages low at 70 bps; credit cost elevated due to one-off.

Jefferies on PNB
Maintain Buy; Hike TP to Rs 150 from Rs 145.
Weak margins and ECL provisioning weighed on earnings.
Profit beat estimates on higher other income and lower taxes.
Slippages stable; core credit costs remain benign.
ECL transition impact estimated at 0.8% of loans over five years.

LTIMindtree

Macquarie on LTIMindtree
Maintain Outperform; TP Rs 6,930.
Revenue beat with broad-based growth.
Best-in-class QoQ constant currency growth at 2.4%.
All verticals grew except BFSI.
Sees over 9% YoY USD revenue growth in Q4 FY26E.

Morgan Stanley on LTIMindtree
Maintain Equal-weight; Hike TP to Rs 6,300 from Rs 5,700.
Top hi-tech client grew in Q3; top BFSI client saw bottoming out in Q4.
Portfolio transition progressing better than peers.
Near-term margins could be a drag.
Balanced risk-reward at current valuations.
New management has established execution credibility.

Citi on LTIMindtree
Maintain Sell; Cut TP to Rs 5,415 from Rs 5,480.
Headline EBIT slightly ahead; revenues aided by seasonal passthrough.
Exit guidance closer to double-digit growth.
Wage hike impact of ~100 bps each in Q4 and Q1.
Valuation at 31x FY27E is seen as rich versus large-cap peers.

Havells India

Citi on Havells
Maintain Neutral; TP Rs 1,600.
Growth beat, but margins disappointed.
Lower-than-expected margins in Cables & Wires weighed on EBITDA and PAT.
ECD saw volume growth across categories, excluding fans.
C&W growth is accelerating due to capacity additions.
Margin improvement is critical for re-rating.

UBS on Havells
Maintain Buy; TP Rs 1,765.
Strong Q3 earnings led by Cables & Wires.
Consumer demand remains sluggish but recovery expected.
GST and income tax cuts, plus easing inflation to aid demand.
Margins are seen improving from cyclical lows.

Macquarie on Havells
Maintain Outperform; TP Rs 1,710.
Revenue surprise offset by margin miss.
Cables & Wires drove both growth and margin disappointment.
Commodity price stability remains key.

Hindustan Zinc

Citi on Hindustan Zinc
Maintain Sell; Hike TP to Rs 585 from Rs 440.
Q3 slightly ahead of expectations.
Zinc prices may correct amid rising inventories and easing supply.
Silver prices expected to cool post Jan–Mar FY26 quarter.

HSBC on Hindustan Zinc
Maintain Buy; TP Rs 750.
Q3 earnings beat on higher volumes and lower costs.
Strong silver prices and a weaker INR to support earnings.

Jefferies on Hindustan Zinc
Maintain Buy; Hike TP to Rs 750 from Rs 700.
Beneficiary of the silver price rally.
Zinc prices stable; costs under control.
FY26–28 EPS raised 3–10%; FY27 EPS seen up 47% YoY.
Higher silver contribution justifies a valuation premium.

State Bank of India

CLSA on SBI
Maintain Outperform; TP Rs 1,170.
Scope for upside surprise on loan growth and NIMs.
Deposit repricing sharper than expected.
Asset quality improving.
SBI remains CLSA's top pick.

Bharat Heavy Electricals (BHEL)

UBS on BHEL
Maintain Buy; TP Rs 375.
Execution ahead of expectations; visibility strong.
Government push for thermal capacity supports outlook.
Order book carries a sizeable profit pool.
Execution ramp-up to drive earnings and cash flows in FY27–28.

Investec on BHEL
Maintain Sell; TP Rs 70.
EBITDA miss driven by weak gross margins.
Concerns persist on margins and working capital.
Order inflows likely peaked; focus shifts to execution risks.

Oil Marketing Companies (OMCs)

JPMorgan on OMCs
HPCL – Downgrade to Neutral; TP Rs 455.
BPCL – Maintain Overweight; Hike TP to Rs 465.
IOCL – Maintain Overweight; TP Rs 185.
Stocks up 23–30% over 12 months on strong EPS upgrades.
FY27 earnings revisions now critical for further upside.
Risk of excise duty hike could cap near-term gains.
OMC rally may pause without clarity on taxes or crude prices.

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